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1986 (7) TMI 73 - HC - Income TaxExtract: .......not find there any reference to the decision of the Supreme Court in S. G. Mercantile Corporation s case 1972 83 ITR 700. With respect, therefore, we are unable to agree with the view taken by the Madras High Court. In the result, we answer the question in the affirmative and against the assessee. In the circumstances, we make no order as to costs.
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